It is December 2020. You work as a financial analyst for Merck & Co. and are tasked with the due diligence on the proposed acquisition of a biotech startup. You estimated the following cash flows for the startup:

Year	Expected free cash flow ($ million) (end of year)
2021	74.5
2022	111.75
2023	145.28
2024	174.33
2025	191.76

After 2025, cash flows are expected to grow by 3% per year. Based on the riskiness of your industry, you think that your weighted average cost of capital is 15%.

The biotech firm has 5 million shares and bonds worth $120 million outstanding.

What is the terminal value, i.e., the present value of all free cash flows from 2026 to infinity expressed in 2025-dollars (in $ million)?

What is the total value of the company (in $ million)?

What is the value per share of common stock (in $)?